This past weekend we saw again that predicting weather in the New England states is a tough job. Friday was a beautiful day…the sun was shining, and the weather was nice, but there was a sense that something bad was coming. It was covered on all the local TV channels, and we were warned of the approach of Henri. Winter was coming in the form of a hurricane, and we should all be afraid.
Food stores were packed with shoppers and shelves were emptied. The local television channels covered the shoreline of Connecticut with footage of folks rushing to fill sandbags in preparation for the coming disaster. Everywhere people were hunkering down as the storm approached.
This last-minute approach to emergencies that strike and interrupt our lives, is the way most people handle catastrophes. In contrast, there are some people who have in fact prepared for these catastrophes. They were not out buying generators that weren't available for sale because they were not to be found, but rather they already had a generator in case it was needed. They had thought things through and planned for the worst and hoped for the best. Their sandbags were already filled and ready to go. They planned not only for the unexpected emergencies but what we call the "expected" emergencies.
So much of what we do in life can be compared to hurricane preparation. We all know that emergencies are going to happen, whether it is a financial emergency, a natural disaster emergency or a health emergency. The thing we don’t know is when. Do you want to be the person scrambling to find a generator when a natural disaster is going to hit? Do you want to be the person turning to a credit card when you need money for an unexpected expense? Do you want to be the person who doesn’t have health insurance in place when you have a catastrophic medical event occur? Do you want to be the person who passes away without a will and your heirs get minimal inheritance because the state took it all? My guess is most of you would not want to be this person so this begs the question….What preparations have you made?
I'm age 73 at this point and still actively giving financial advice to whoever will listen to me. I don't always speak in parables about hurricanes and preparation and how we should think through what we'll need later in life. But I can’t help but make the connection between the people scrambling for the hurricane preparation and what we see everyday working with people in our community in regards to the financial planning and health insurance planning. Let us help you with peace of mind so you are ready the next time a financial Hurricane Henri hits your household.